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Non-Cattle Specific Topics
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Seeking a Tax Tip, Schedule F Farming, Purchase of Livestock Hay Trailer
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<blockquote data-quote="1982vett" data-source="post: 1836589" data-attributes="member: 7795"><p>To clarify, their is no "cash and accrual method". Its cash <em><strong>or</strong></em> accrual. You have to use one or the other. And to clarify even more, I'm not offering professional opinion here. It is free and worth whatever a free opinion is worth....<img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite2" alt=";)" title="Wink ;)" loading="lazy" data-shortname=";)" /></p><p></p><p>Basically for the cash method, for things that should be depreciated such as your trailer, you can expense some or all using the Section 179 expense option. However, it has limits. Ya have to have profits to offset the expenses you are trying to take otherwise you can only depreciate. </p><p></p><p>As Caustic recommended, find a CPA to help you or at least check your work. If you don't get a CPA involved you should at least get a tax software program such as TurboTax or TaxAct to guide you. I think H&R Block also has one.</p></blockquote><p></p>
[QUOTE="1982vett, post: 1836589, member: 7795"] To clarify, their is no "cash and accrual method". Its cash [I][B]or[/B][/I] accrual. You have to use one or the other. And to clarify even more, I'm not offering professional opinion here. It is free and worth whatever a free opinion is worth....;) Basically for the cash method, for things that should be depreciated such as your trailer, you can expense some or all using the Section 179 expense option. However, it has limits. Ya have to have profits to offset the expenses you are trying to take otherwise you can only depreciate. As Caustic recommended, find a CPA to help you or at least check your work. If you don't get a CPA involved you should at least get a tax software program such as TurboTax or TaxAct to guide you. I think H&R Block also has one. [/QUOTE]
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Seeking a Tax Tip, Schedule F Farming, Purchase of Livestock Hay Trailer
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